Bitcoin (BTC) Long Term Price Forecast

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BTCUSD Long-term Trend: Bearish

Resistance levels: $7,200, $7,400, $7,600
Support levels: $6,900, $6,700, $6,500

On August 1, the BTCUSD pair was in a bearish trend with an opening balance of $7,690.03. The bearish trend had continued since the beginning of the month until when the price of Bitcoin reached its lowest level at a price of $5,861.94.Then the bulls pullback at a closing  price of $6,061.22. The $6,000 price level became the critical level for the price of Bitcoin. Presently, the price of  the cryptocurrency had been fluctuating below and above the $7,000 price level.

Meanwhile, the MACD line and the signal line are at par with  the zero line which indicates a neutral signal. Also, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a price is in a bearish trend. Meanwhile, the Relative Strength Index period 14 is level 47 which indicates that price is in the sideways  trend zone.

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